AIG's Chief Executive Officer Robert Benmosche threatened to quit at a board meeting last week, saying it was too difficult to do his job with so much government oversight, the Wall Street Journal reports. He is particularly miffed at the compensation controls placed on the giant insurance company by Kenneth Feinberg, Obama's pay czar.
The government owns 80 percent of AIG after bailing it out last year. Benmosche and Board members met with Feinberg last week and reportedly discussed the difficulties in keeping talented employees while adhering to compensation regulations.
"Bob feels he is in an impossible situation," a person close to the matter told the Wall Street Journal.
This is the second time Benmosche, seen at left in 2005 photo, has threatened to abandon the company since he took over three months ago. The first time was in August, before Feinberg approved his $10.5 million compensation package – the largest one approved by the Treasury Department under new executive pay limits.
(CBS/The Early Show)
AIG owes American taxpayers about $90 billion. The company has showed signs of improvement recently, posting profits in the last two quarters.
Read more at The Wall Street Journal.